At Outersanctum Company, the Following Errors Were Discovered After the Transactions

question 54

Essay

At Outersanctum Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the necessary correcting entry for each of the following.
a. A payment of $5,000 for salaries was recorded as a debit to Supplies Expense and a credit to Cash.
b. A purchase of supplies on account for $1,000 was recorded as a debit to Equipment and a credit to Accounts Payable.

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Definitions:

Zinc

A metallic chemical element with the symbol Zn and atomic number 30, essential for human health and used in a variety of applications.

Copper

A reddish-brown metallic element that is ductile and malleable, widely used in electrical wiring, plumbing, and the creation of alloys.

Eudicot Root

The root system of a eudicotyledonous plant, characterized by a main taproot with branching lateral roots.

Pith

The soft or spongy tissue in the center of stems in vascular plants, involved in storage and transport of nutrients.